Oaktree’s Power Opportunities Group has sold Richards Manufacturing for approximately $2.3 Billion
Richards Manufacturing
Richards Manufacturing Co. (Richards) is a best-in-class provider of utility grid products and a leader in underground distribution equipment, with differentiated positions in both medium voltage cold-shrink cable accessories and network protector products. Headquartered in Irvington, New Jersey, Richards serves blue-chip utilities and electrical distributors in the United States and internationally. Richards is recognized as an industry leader with an innovative portfolio of stock and customized products, and a consistent track record of dependable service and longstanding customer relationships. For additional information, please visit www.richards-mfg.com.
The Deal
In partnership with funds managed by Oaktree Capital Management, L.P.’s Power Opportunities Group (Oaktree), Richards positioned itself for long-term growth. It invested in capacity expansion, supplemented its functional leadership team, implemented new systems and strengthened its technical capabilities. Oaktree and Richards entrusted Lincoln given its experience in the Energy Transition, Power & Infrastructure market, buyer relationships and process execution capabilities. The all-cash transaction is valued at approximately $2.3 billion.
Ulysses Fowler, Managing Director in Oaktree’s Power Opportunities Group, said, “We thank Lincoln for serving as our trusted advisor in finding the right partner to maximize Richards’ future growth. Lincoln’s strategic guidance, deep industry expertise, and strong execution team helped the company’s stakeholders achieve an exceptional result.”
Joe Bier, CEO of Richards Manufacturing added, “Thanks to Lincoln for its true partnership throughout the process. Richards has been a part of our family for nearly 80 years, and it was evident that Lincoln understood the importance of continuing the legacy that we have built.”
Our Perspective
Sean Bennis, Adam Gifford and Andrew Moen, Lincoln International Managing Directors who led the transaction, commented, “It was an honor and privilege to partner with Oaktree and the entire Richards management team. Richards stands out as a true leader in the underground space, and its performance has been truly exceptional.”
Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $202 billion in assets under management as of December 31, 2024. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, equity and real estate. The firm has more than 1,200 employees and offices in 23 cities worldwide. For additional information, please visit www.oaktreecapital.com.
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